Module 1 / Lesson 1.1
Describing Risks
Let’s begin with the foundation: What exactly is a risk? Throughout this course, we use a simple and practical definition:
Learning guide
- Learning: Learn the three dimensions of risk: frequency, severity, and scope.
- Reflection: Think of a real risk you face (e.g., driving). How would you rate its frequency, severity, and scope?
Risk refers to the possibility of a bad outcome that might or might not happen in the future.
Risks exist everywhere, from slipping on ice to global pandemics. To better understand risk, we use three key dimensions:
Frequency (Likelihood)
- How often might the outcome happen?
- Is it common or rare?
- Can be described using probabilities or time intervals.
Severity (Impact)
- How harmful is the outcome if it occurs?
- Minor inconvenience, moderate harm, or catastrophic damage?
Scope (Who is affected?)
- Who would be impacted? Just you, or many people?
- Some risks are personal; others are global.
Video Explanation
Please watch this short video describing the ideas about risk above:
Your progress stays in this browser.